Turners lifts profit forecast after better third quarter

Turners Auctions is lifting its full-year profit forecast after better than expected trading in the third quarter.

The company yesterday said it now expected its full-year net profit to range from $3.1 million to $3.3 million. That is up from a range of $2.6 million to $2.8 million indicated in August.

Chief executive Graham Roberts said it was probably not surprising that the commercial and industrial operation, which dealt with receiverships, had an improved performance. In its car business, the company had improved its market share, and while the number of sales was down about 7 per cent, prices were strong.

Year-on-year second-hand car prices were up about 20 per cent. The strong prices were partly due to a shortage of available cars. Reasons included the decline in new cars, meaning fewer trade-ins.

- NZPA